Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

360 Articles

Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Eagle Ford, Delaware drilling and completions are moving the needle Carrizo Oil & Gas, Inc. (ticker: CRZO) had a net income of $14.7 million, or $0.18 per share in Q1 2018. The company went above the high-end of its guidance range, producing 51,257 BOEPD in the quarter. Carrizo said that the increased production was due to its recent A&D activity.[Read More…]

Eclipse Resources Finds Its Marcellus Wells’ Decline Curve “Much Gentler” than Expected

Eclipse Resources Finds Its Marcellus Wells’ Decline Curve “Much Gentler” than Expected

Eclipse Resources Corporation (ticker: ECR) reported a net loss for Q1 2018 of $2.6 million, or $(0.01) per share. Average net daily production was 315.2 MMcfe/d, consisting of 72% natural gas and 28% liquids. The company had realized an average oil price, before the impact of cash settled derivatives, of $56.52 per barrel, a $6.39 per barrel discount to the[Read More…]

May 8, 2018 - 4:10 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Courtesy of Encana

Encana Sees 30% Growth within Cash Flow

Encana Corporation (ticker: ECA) opened 2018 with Q1 net earnings of $151 million. This compares to Q1 2017’s net earnings of $431 million. Cash generated from operating activities reached $381 million, which compares to $106 million in Q1 2017. Encana’s first quarter production totaled 324,400 BOEPD, of which the company’s core assets contributed 307,500 BOEPD. Total liquids production grew by[Read More…]

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,[Read More…]

Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Deal will create the largest U.S. refiner Marathon Petroleum Corp. (ticker: MPC) and Andeavor (ticker: ANDV) have entered into a definitive merger agreement under which MPC will acquire all of ANDV’s outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on MPC’s April 27, 2018, closing price of $81.43. ANDV shareholders[Read More…]

QEP Resources Reports Q1 2018

QEP Resources Reports Q1 2018

QEP Resources, Inc. (ticker: QEP) reported a net loss of $53.6 million, or $(0.22) per diluted share for the first quarter of 2018, compared to Q1 2017 when the company had a net income of $76.9 million, or $0.32 per diluted share. QEP delivered net oil equivalent production in the Permian Basin of 30.9 MBOEPD, including oil production of 24.0[Read More…]

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Corporation (ticker: EQT) reported a net loss of income attributable to EQT of $1,586 million, or $(5.99) per diluted earnings per share. The net loss attributable to EQT for the first quarter of 2018 was impacted by an impairment charge of $2.3 billion associated with the Huron and Permian Plays, increases in other operating costs, lower gains on derivatives[Read More…]

April 26, 2018 - 6:27 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Range Resources Reports Q1 2018

Range Resources Reports Q1 2018

Range Resources Corporation (ticker: RRC) reported a net income of $49 million, or $0.20 per diluted share. “The first quarter was a good start to the year, generating record quarterly cash flow while remaining on track to deliver our expected 11% growth within cash flow for 2018. Operationally, Range is focused on translating our peer leading inventory into shareholder value[Read More…]

April 26, 2018 - 6:25 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing, Midstream
Core Laboratories Stim-Lab

Core Lab Q1 Revenues Up 8%, Operating Income Jumps ~40%

For the first quarter, 2018, Core Laboratories N.V. (ticker: CLB) reported a net income of approximately $23.5 million, or $0.54 per share for Q1 2018. Revenue from continuing operations was $170 million, up over 8% year-over-year and operating income was $32.3 million, up almost 40% year-over-year. Reservoir description and production enhancement Reservoir description operations revenue in the first quarter of[Read More…]

April 26, 2018 - 6:13 pm 360 Articles, Closing Bell Story, Earnings, Finance, International
ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.[Read More…]

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share. “The challenges we experienced in the first quarter had a significant impact on our financial results, but the underlying performance of[Read More…]

Gray Oak Pipeline Links Permian’s Oil to Corpus Christi’s Refining and Exports

Gray Oak Pipeline Links Permian’s Oil to Corpus Christi’s Refining and Exports

Expanded pipeline could grow to one million barrels per day of oil takeaway Andeavor (ticker: ANDV), formerly known as Tesoro, will be partnering up with Phillips 66 Partners (ticker: PSXCP) and Buckeye Partners, L.P. (ticker: BPL) in two projects that will help transport Permian Basin oil to market. The first joint venture project, Gray Oak Pipeline, LLC, is owned by[Read More…]

April 25, 2018 - 5:38 pm 360 Articles, Closing Bell Story, Finance, LNG, Midstream
Stena Carron - Daytime

Hess Net Q1 Production: 233 MBOEPD – Bakken 111 MBOEPD

Bakken production up 11% over Q1 2017 Hess Corporation (ticker: HES) reported a net loss of $106 million, or $(0.38) per common share in Q1 2018. This compares to a net loss of $324 million, or $(1.07) per share in Q1 2017. Oil and gas production went above the company’s guidance estimates. Net production averaged 233 MBOEPD (excluding Libya) and[Read More…]

Weatherford Ramps Up Cost Savings Plan

Weatherford Ramps Up Cost Savings Plan

Weatherford International plc (ticker: WFT) reported a net loss of $245 million, or a loss of $(0.25) per share for the first quarter of 2018. Weatherford President and CEO Mark A. McCollum said, “The goals we have set forth for 2018 and 2019 are realistic and achievable. We are on track and, in the first quarter, have already achieved 10%[Read More…]

EOG Resources, Mountrail County, North Dakota.

PermRock Royalty Trust Prepares IPO

PermRock Royalty Trust will soon launch its initial public offering of 6,250,000 trust units, representing approximately 51.4% beneficial interest in the trust. The initial offering price is expected to be between $19.00 and $21.00 per unit. Boaz Energy II, LLC is the sponsor of the trust and will be selling the units being offered. Additionally, Boaz intends to grant the[Read More…]

Halliburton

Halliburton Writes Down All Remaining Venezuela Investments

Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the[Read More…]

PetroShale Doubles Production in the Bakken/Three Forks

PetroShale Doubles Production in the Bakken/Three Forks

Bakken-focused PetroShale Inc. (ticker: PSH) released financial and operating results for the year-ended December 31, 2017. Production averaged 2,121 BOEPD in the fourth quarter and 2017 production averaged 2,445 BOEPD, an increase of 50% over 2016. Financially, PetroShale reported 2017 revenues of $44.0 million (an increase of 89% over 2016) and 2017 EBITDA of $21.2 million (an increase of 123%[Read More…]

Colorado Wattenberg Field: Preparing a horizontal drilling rig - Oil & Gas 360

Niche Private Equity Firm Aims to Fill a Void with its Debut Upstream Fund

An exclusive OAG360 interview with Drillcore Founder and Managing Partner Evan Turner New York-based Drillcore Energy Partners launched its debut fund this week, a $250-million private equity fund targeting U.S. upstream. Drillcore said it seeks to allocate the capital raised from limited partners for its channel of proprietary deal flow. The firm is out of the gate with an inventory of pending[Read More…]

April 20, 2018 - 4:27 pm 360 Articles, Closing Bell Story, E&P, Finance, Private Equity
LINN Energy: Executive Departures and New Leadership

LINN Energy: Executive Departures and New Leadership

LINN Energy, Inc. (ticker: LNGG) has updated its plan to spinoff into three companies, and has provided more detail as to who will lead the branched-off companies. Riviera Resources formed, OTC ticker RVRA LINN Energy’s board has formed Riviera Resources, LLC. Riviera will hold the upstream assets in Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, and Drunkards Wash, as well[Read More…]

Texas Oil and Gas Employment at Highest Level Since 2015

Texas Oil and Gas Employment at Highest Level Since 2015

The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while[Read More…]

April 19, 2018 - 5:31 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, Finance, Jobs
Grieve CO2 EOR Project

Elk Petroleum’s Grieve CO2 Project Starts Production

Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD. CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production from the Grieve CO2 EOR project. Reaching this point has been the result of the commitment and dedication of the[Read More…]

April 18, 2018 - 5:19 pm 360 Articles, Closing Bell Story, E&P, Finance
Razor Energy Reports Q4

Razor Energy Reports Q4

Razor Energy Corp. (ticker: RZE) recorded a positive Q4 2017 net income of $2.3 million, or $0.14 per share. For 2017, the company had a net loss of $3.7 million, or $(0.27) per share. The company produced 4,534 BOEPD in Q4, and had a full-year average production of 3,813 BOEPD. In 2017, the company completed three asset acquisitions in the[Read More…]

Oilfield Services and Midstream Bankruptcies

Oilfield Services and Midstream Bankruptcies

Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone less damage to midstream sector Oilfield services International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s research includes details on 167 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each[Read More…]

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

Debt involved in oil and gas company bankruptcies since 2015 totals $90 billion International corporate law firm Haynes and Boone has tracked 144 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and Canadian cases, involve approximately $90.2 billion in cumulative secured and unsecured[Read More…]

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy, Inc. (ticker: FANG) produced 102.6 MBOEPD in Q1 2018. This is 10% more than Q4 2017 production volumes of 92.9 MBOEPD. Diamondback is currently running 11 drilling rigs and five dedicated completion crews. Q1 2018 average realized prices were $61.66 per barrel of oil, $2.20 per Mcf of natural gas and $24.64 per barrel of natural gas liquids,[Read More…]

April 11, 2018 - 3:32 pm 360 Articles, Closing Bell Story, E&P, Finance, Law, MLPs
EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

FS Investments (FS) and EIG Global Energy Partners (EIG) closed a transaction today, allowing EIG to manage FS Energy and Power Fund (FSEP). According to the company’s press release, FSEP will be the largest energy-focused business development company (BDC) in the marketplace with $4.3 billion in assets under management. “We are excited to enter the next phase of our partnership[Read More…]

Icahn at it Again

Icahn at it Again

Last week Carl Icahn gave Sandridge Energy Inc. (ticker: SD) another poke as he suggested an all-cash offer for the company with a major catch – he wants to decide who goes on the company’s board of directors. Bloomberg reported that Icahn is the company’s largest shareholder at 13.5%. Icahn said that he has “grave concerns” in regard to the[Read More…]

Source: Brazos Midstream

Brazos Midstream Holdings Sold for $1.75 Billion

Fort Worth-based Brazos Midstream Holdings, LLC and its financial sponsor, Old Ironsides Energy, have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (NHIP II) and related funds for approximately $1.75 billion in cash. Closing is expected in the second quarter of 2018. Brazos’s Delaware Basin assets are located in Reeves,[Read More…]

Another Approval in Merger of WGL Holdings and AltaGas

Another Approval in Merger of WGL Holdings and AltaGas

The Maryland Public Service Commission gave its blessing Wednesday, allowing the combination of WGL Holdings, Inc. (ticker: WGL) with AltaGas Ltd. (ticker: ALA) to proceed. The $4.5 billion merger brings together two energy companies. The commission voted 4 to 1 in favor of the merger. Maryland PSC joins the Virginia State Corporation Commission, FERC, FTC, DOJ, and the Committee on[Read More…]

What’s Worth More to the State of Texas—Land or Oil?

SM Energy Divestment of $792 Million Non-Core Assets Will Drive 30% Debt Reduction

Out of the Williston Midland- and Eagle Ford-focused SM Energy Company (ticker: SM) sold its remaining assets in the Williston Basin and third-party operated assets in Upton County, Texas. The combined sale generated $292.3 million, but the buyers have not been disclosed. President and CEO Jay Ottoson said, “We are committed to our strategy to focus on development of our[Read More…]

April 4, 2018 - 5:21 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P, Finance